Key Takeaways
- U.S. spot Bitcoin and Ethereum ETFs saw $1.05 billion in net inflows Thursday—the biggest single-day haul of 2025.
- Bitcoin ETFs led with $934.8 million, driven largely by BlackRock’s IBIT.
- The SEC has delayed a decision on Fidelity’s proposal for in-kind redemptions, which could lower trading costs and taxes.
Crypto ETFs are heating up again, notching their strongest daily inflows since Bitcoin’s record highs.
Thursday saw a combined $1.05 billion flood into U.S. spot Bitcoin (BTC)and Ethereum (ETH) exchange-traded funds (ETFs), signaling renewed institutional interest and marking the largest single-day inflow of the year so far.
As May shapes up to be the most bullish month of 2025, the numbers show that investors are returning to crypto ETF products, despite lingering uncertainty from regulators.
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Bitcoin ETFs Lead the Charge
Bitcoin ETFs did the heavy lifting with $934.8 million in inflows.
BlackRock’s IBIT alone brought in a staggering $877.2 million. Fidelity’s FBTC followed with $48.7 million, and ARK’s ARKB added $8.9 million.
Since April, IBIT has attracted $7.7 billion, pushing its total assets to $68.7 billion.
BTC ETFs have now logged seven straight days of positive flows, totaling $3.2 billion. Year-to-date inflows sit at $9.1 billion, with cumulative inflows reaching $44.6 billion.
Ethereum ETFs See a Comeback
Ethereum ETFs also posted their strongest day since early February, bringing in $110.5 million.
Grayscale’s ETHE led with $43.7 million, trailed closely by Fidelity’s FETH at $42.2 million and Bitwise’s ETHW with $5.7 million.
This marked the fifth consecutive day of inflows for Ethereum funds , bringing May’s total to $211.8 million and pushing year-to-date inflows to $61.9 million.
May Becomes 2025’s Biggest Month for ETF Inflows
Momentum continued to build throughout May.
Bitcoin ETFs have pulled in over $3.6 billion so far, eclipsing April’s $2.97 billion and turning around a sluggish first quarter.
Other notable May gains include:
- ARKB: $6.36 million.
- Grayscale Mini Trust: $6.16 million.
- Bitwise’s BITB: $5.78 million.
Ethereum ETFs added $108.6 million in May, with $64.9 million on May 20 alone.
BlackRock’s ETHA brought in $45.04 million, and Fidelity’s FETH saw $19.85 million. ETHA now leads all Ethereum ETFs with $4.32 billion in inflows and $3.24 billion in assets.
SEC Delays Decision on In-Kind Redemptions
Even with investor enthusiasm building, the regulatory picture remains murky.
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on Fidelity’s proposal to allow in-kind redemptions for its spot Bitcoin and Ethereum ETFs, a change that would let institutions swap ETF shares for crypto directly, rather than using cash.
Advocates say the model could reduce costs and enhance tax efficiency.
Fidelity isn’t alone. BlackRock, VanEck, and WisdomTree have also submitted similar proposals. But so far, the SEC hasn’t provided a clear timeline.
The agency is also reviewing applications tied to Ethereum staking features in ETF products, with decisions expected in the coming months.
Analysts believe in-kind redemption models could be greenlit later this year, paving the way for more efficient ETF structures—and potentially unlocking even greater institutional adoption.
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